Fitch Options has revised Ghana’s 2025 actual financial development forecast from 4.2% to 4.9%.
This follows what it described as a stronger-than-anticipated quarter one 2025 outcomes.
Information launched by the Ghana Statistical Service on June 6, 2025, confirmed that actual GDP development accelerated from 3.6% year-on-year in quarter 4, 2024, to five.3% in quarter 1, 2025, surpassing Fitch Options’ expectation that development would have remained across the 3.5% mark.
“The Q1 development spurt was primarily pushed by stronger agricultural output, significantly in crop manufacturing and fishing. The mining & quarrying sector additionally carried out higher than within the earlier quarter, regardless of continued weak spot within the hydrocarbons sector, pointing to rising momentum in gold extraction amid elevated costs. As well as, sooner development in home commerce additionally supported headline financial development, indicating bettering shopper exercise throughout the financial system”, the UK-based agency mentioned.
Shopper Spending to Proceed to Drive Development
It continued that shopper spending will proceed to drive development over the rest of the yr as a stronger cedi pushes down inflation.
The worth of gold—already excessive resulting from geopolitical tensions and central financial institution purchases—has elevated additional resulting from uncertainty round US President Donald Trump’s commerce insurance policies.
“Certainly, our Metals & Mining group forecasts that gold costs will common a document US$3,100 per ounce this yr, 29.7% increased than in 2024. As Africa’s largest gold producer, traditionally excessive gold costs have already boosted Ghana’s worldwide reserves to near-record ranges of US$7.9 billion as of April [2025]”, it talked about.
“This has led to a important appreciation of the Ghanaian cedi, which strengthened by roughly 50% towards the US greenback over April-Could, rising because the world’s best-performing forex within the yr up to now”, it added.
It alluded that Ghana’s place as a web importer of important shopper items—together with petrol, automobiles, rice, and prescription drugs—means the stronger change price will assist to scale back inflation within the coming months.
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